Stockland Hires Mark Steinert As CEO, Succeeding Matthew Quinn

   By David Winning 
 

SYDNEY--Property developer Stockland (SGP.AU) said Thursday that it has hired Mark Steinert from UBS AG (UBS) as its new managing director and chief executive, as it fights falling profits amid one of the worst new housing markets in years.

Mr. Steinert, who was one of UBS's top executives in its asset management division, will join Stockland in mid-January and will replace Matthew Quinn who is stepping down after 12 years leading the 7.4 billion Australian dollar (US$7.75 billion) company.

Stockland is one of Australia's largest property developers with exposure to the residential, retirement and commercial sectors.

Last month, Stockland warned its earnings per share in the year through June 2013 could be as much as 15% below last year without an improvement in Victoria state where government incentives for new home buyers ended on June 30.

Victoria is a key market for Stockland as selling new homes there is often more profitable than in neighboring New South Wales state. However, the company said last month that sales volumes in Victoria have halved since the start of July and it needs to offer big discounts to tempt buyers.

-Write to David Winning at [e-mail]

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